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7 Things to Avoid when Start a New Venture

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One of the biggest moments of people who set out on an entrepreneurial journey is that period when things are looking to come together and there is finally something to bother about; a dream, a new mission; a business project. Many entrepreneurs who are lucky to get their acts together at the start, lose their act at the first taste of success. An entrepreneurial venture may be said to have been successful if it is successfully built into a reputable company. Here are some things you should be wary of when setting out.

 

  1. Limelight: When you appear to have discovered the next biggest thing, it is normal to begin to see increasing media attention. Several people get carried away by this early limelight and sometimes lose focus on building their products. When the lights get turned off, they are quickly lost in the dark.

 

  1. Vanity Metrics: A lot of statistics come in when entrepreneurs launch or during their first or second testing. But inability to decide how unique and useful those statistics are could put the entrepreneur on a blind fold journey on a harmful path. Entrepreneurs need to be quite certain that they are getting the numbers they want from the market, and must ensure those numbers match their expectations or puts them in line to make quality decisions.
  1. Not reinvesting: A certain way of losing out on entrepreneurial growth is not reinvesting early revenues. You must not be carried away by initial sights of money. An entrepreneur needs to understand that a business project is like a seed that has to be carefully and consistently watered till it can provide food and shade for him. Spending the first few revenues of the startup is like using these seedlings to cook vegetable soup. Future fruits may be jeopardized.
  2. Ignoring Good Marketing: Great product should be supported by great marketing. Ignoring this part and totally relying on your great product to inspire sales is a gamble on eventual success as a business owner. Much attention should be paid to the marketing of a product especially one that is new to the market. Entrepreneurs always have new products, and people don’t like change. Thus, good marketing techniques have to be used to introduce these products to people.

 

  1. Ignoring Customer Feedback: Building the product to be better at every moment is very important to staying in the game, and mining customer feedback is one of the most guaranteed ways of ensuring growth. In a market that is becoming more and more customer centric, entrepreneurs need to learn how to get quality customer feedback and how to apply them adequately to ensure customer retention and subsequently growth. Most times it’s the customer that determines what the quality is, especially for new products.

 

  1. Poor Customer Support: When customers call back and have no one to talk to, or are received poorly or you are just not able to solve their problems consistently, it is a disaster to your customer retention. Needless to say, without customers, your business doesn’t exist.

 

  1. Not knowing when to pivot: When Spencer Silver tried to make super glue, he ended up with a very weak glue. Instead Spencer began pursuing a marketable use for the new invention. Thanks to Spencer, Author Fry developed the weak glue to be used in Post It Notes (Sticky notes) and build a reputable company out of it. Entrepreneurs usually have to decide whether to stick with their pursuit or to pivot at a point, using lessons learnt to pursue a similar and sometimes totally different course. Ideas could be very consuming, and entrepreneurs could be stuck in building products that are not useful to the market. Staying on this stead could be dangerous, thus pivoting when necessary is usually key to success.

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